Aminex PLC Repayment of Loan and Operational Update (5651I)
June 20 2017 - 2:06AM
UK Regulatory
TIDMAEX
RNS Number : 5651I
Aminex PLC
20 June 2017
20 June 2017
Aminex plc
("Aminex" or "the Company")
Financial and Operational Update
Aminex Becomes a Debt Free Producing Company
Aminex PLC ("Aminex" or the "Company") is pleased to announce
that it has repaid its corporate loan facility in full and is now a
debt-free producing company. The Company is arranging the release
of fixed and floating charges, which comprised the security package
for the loan.
Aminex confirms, following the exercise of warrants in May 2017,
that all outstanding warrants have now been exercised and
anti-dilution provisions are no longer applicable. These warrants
were issued as part of the corporate loan agreement.
Ndovu Resources Ltd., Aminex's Tanzanian operating subsidiary,
continues to be paid for its Kiliwani North gas sales, despite some
delays in 2017, in US Dollars and this has facilitated early final
repayment of all outstanding corporate debt.
Operations
Production at Kiliwani North during 2017 has averaged
approximately 15 million cubic feet per day for the first five
months of 2017. The Company intends to re-enter the Kiliwani North
1 well to gather downhole data later in the year and shareholders
will be advised when this has been implemented.
Work on the updated basin model for the Ruvuma acreage is
ongoing to evaluate deeper targets and liquids potential in the
Basin. This information will be incorporated in the Ntorya 3
drilling programme in order to maximise target potential at greater
depths. A development plan is in preparation and the Company is
working directly with the Tanzanian Petroleum Development
Corporation ('TPDC'). This will include early production
opportunities to be implemented prior to a longer-term project for
tying a fully appraised and developed gas field into the Madimba
gas processing plant and the national pipeline system.
The Company has noted and continuously monitors recent political
uncertainties which have arisen in the Tanzanian mining industry.
These are not believed to affect Aminex's domestic gas supply
business, which is for local consumption with gas metered and sold
at wellhead by both TPDC and Ndovu on a daily basis. Aminex as ever
works closely with the TPDC and with the Ministry of Energy and
Minerals.
Jay Bhattacherjee, CEO of Aminex, commented:
"We are very pleased to be able to report the continued progress
which Aminex is making towards becoming a major player in East
Africa. Final repayment of the corporate loan facility is a major
milestone for Aminex and we would like to thank the debt providers
who have strongly supported the Company over the last four years.
The Company is financially robust, generating cashflow from
production, has a very exciting upcoming development programme and
is looking to grow."
Ends
For further information, please contact:
Aminex PLC
Jay Bhattacherjee, Chief Executive Officer +44 (0) 20 3198
8415
Max Williams, Chief Financial Officer
Investec Bank plc
Chris Sim +44 (0) 207 597 4000
Shore Capital
Jerry Keen
+44 (0) 20 7408 4090
Davy
Brian Garrahy +353 (0) 1 679 6363
Camarco
Billy Clegg / Gordon Poole / Tom Huddart +44 (0) 20 3757
4980
Notes to editors
Aminex PLC is a producing company which is premium listed on the
London Stock Exchange and primary-listed on the Irish Stock
Exchange. The Company's focus is its three licences in Tanzania,
where it was one of the first independent oil companies to enter
the country in 2002:
Ruvuma Production Sharing Agreement (75%) Operator
The Ruvuma acreage includes Aminex's Ntorya-1 and Ntorya-2
onshore Cretaceous gas discoveries in the Ntorya appraisal area, a
component of the Ruvuma PSA. The Company considers that the Ntorya
appraisal area has Pmean GIIP of 466 Billion Cubic Feet ('BCF'),
being a three-fold increase over the previous estimate of 153 BCF
which was audited by LR Senergy in May 2015. The Ntorya-1 well
tested at 20 MMscd with 139 bbls of associated condensate and the
Ntorya-2 well tested at an average flow rate of 17MMscd on a 40/64'
choke.
Kiliwani North Development Licence (57.4474%) Operator
The Kiliwani North Field has been independently ascribed with 28
BCF gross contingent (2C) resource and is currently in production
at 15 MMscd. Gas is sold at the well head in $US at a fixed price
and fed directly into the Tanzania's pipeline infrastructure to Dar
es Salaam.
Nyuni Area Production Sharing Agreement (93.3333%) Operator
The Nyuni Area acreage offers high impact exploration and has
been ascribed 4.2 TCF prospective resource. Drilling success in the
region based on 3D seismic has been over 90%.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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